Sparks and Volynets of Eastern Consolidated broker $40.725 million sale of 187,800 s/f Queens multifamily

Queens, NY Eastern Consolidated has arranged the sale of a 167-unit, 187,800 s/f multifamily property at 94-25 57^th Ave. in Elmhurst. The seven-story building traded for $40.725 million. 

Matt Sparks, senior director and principal, and Ted Volynets, associate director, represented the seller, a private investor, and Sparks procured the buyer, Treetop Development, in this off-market transaction.

The block front property on Junction Blvd. between 56^th and 57^th Aves. includes 15 studios, 101 one bedrooms, 35 two bedrooms, 12 three bedrooms, and three professional units. All of the units are fully occupied.

“The demand for this asset was tremendous,” Sparks said.  “There is a lot of velocity in the Queens multi-family market, which we were able to quietly harness to the seller’s benefit.”

Volynets said, “94-25 57^th Ave. presented a unique opportunity for an investor to acquire a property that boasts oversized apartments, phenomenal bones, and close proximity to one of Queens’ most sought-after retail thoroughfares. The seller, a long-term owner, trusted Eastern Consolidated to quietly and diligently find the right buyer, and we did just that.”

The property is located several blocks from major retailers including the Apple Store and Macy’s at Queens Center, Century 21, Sears, and Costco at Rego Center, and Target at Queens Place. The neighborhood is accessible by train on the M and R subway lines at Woodhaven Blvd. and Queens Center, and by car via the Long Island Expressway and Queens Blvd.